There could be a major boost for mortgage holders today with the European Central Bank expected to cut their interest rates by a quarter of a percentage point to 0.75%.
The move would save the average tracker mortgage holder with a €300,000 mortgage around €45 a month.
The expected rate cut would be the ECB’s first of 2012 after back to back rate cuts last November and December brought their rates to the current historically low figure of 1%.
A number of economists have even speculated that the ECB could cut the rate by half a percentage point but a reduction of 0.25% is deemed most likely.
Read more about the subject in today’s Irish Times.